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Government inaction on mortgage arrears hurting families

17 February, 2012 - by Pearse Doherty TD

Speaking after the publication of the Central Banks latest quarterly distressed mortgage figures, Sinn Féin Finance spokesperson Pearse Doherty said that, “Government inaction on mortgage arrears is hurting families” and called for an “end to complacency” and for “substantive measures that will assist the 107,708 families in serious mortgage distress”
Deputy Doherty said:
“Today the Central Bank has revealed that 107,708 mortgage holders were in serious distress at the end of 2011. A staggering 92 families fell into mortgage distress every day in the three months from September to December 2011.
“Unfortunately this increase is utterly unsurprising given the fact that the Government have done nothing to assist those in mortgage distress since taking office.
“It took Fine Gael and Labour eight months to produce the Keane Report on the mortgage crisis. Another four months have passed and according to media reports only one family has received any assistance from government in the form of a pilot mortgage to rent scheme.
“Government inaction is hurting families. People in mortgage distress want to see an end to government complacency. They do not want more expert reports or pilot schemes. They want the government to put pressure on banks to reach sustainable agreements with their struggling mortgage customers. This means negotiated debt write downs to enable people to stay in their family homes.
“It is time the government brought forward substantive proposals backed up with significant resources to address this problem. Anything short of this will see hundreds of more families fall into serious mortgage distress.”

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